Corn

The weekly EIA ethanol production report showed a drop of 11,000 barrels per day in average daily production last week to 1.095 million bpd, implying slightly less corn use.  That decline appeared to be tied to weaker nearby demand, as ethanol stocks rose 563,000 barrels for the week to 23.7 million barrels.

The trade is estimating 2023/24 corn export sales will land in between a range of 200,000 to 700,000 MT for the week that ended on July 18. Ideas new crop at totaling 100,000 to 600,000 MT for Thursday’s weekly USDA Export Sales report.

Corn September futures prices continued to rise in mid-week trading. The settlement price on July 24 was 403.75 cents per bushel, up 0.31% from the previous session.

Soybean

Export Sales data will be released on Thursday, as the trade range of estimates is running 100,000 to 400,000 MT for old crop soybeans. Sales for the 2024/25 marketing year are expected in a range of 500,000 to 900,000 in the week of 7/18, which included an already know export sale announcement of over 500,000 MT. Soybean meal sales are seen at 275,000 to 800,000 spread out between the two marketing years, with bean oil 0 to 25,000 MT.

Brazilian export association Anec is projecting July soybean exports from that country will be 10.43 MMT based on the current vessel line up, with meal exports potentially reaching 2.4 MMT. That would be a new record, if achieved.

Soybean September futures prices turned lower in mid-week trading. The settlement price on July 24 was 1,060.25 cents per bushel, down 1.07% from the previous session.

Wheat

Updated Export Sales data will be released on Thursday morning, with the trade expecting to see between 300,000 and 625,000 MT of wheat sold for export during the week of 7/18.

The Wheat Quality Council Spring wheat and durum crop tour is underway in North Dakota and a tier of counties in South Dakota. The Day 1 tour average yield was 52.3 bpa, compared to 48.3 bpa a year ago.  The tour continues, with day 2 results out later today, as the tour wraps up on Thursday in Fargo.

Wheat September futures prices rebounded. The settlement price on July 24 was 547 cents per bushel, up 0.78% from the previous session.

Source: Barchart, FarmFutures